The Problem with
EVs are fundamentally different assets than internal combustion engine (ICE) vehicles.
Their functionality, longevity, and value depend on factors like range, computer hardware, software-enabled features, destination charging networks, tax credits, and battery health.
In today’s wholesale and retail market, most EVs are bought and sold using processes and data points built for ICE vehicles.
EV-specific information is generally absent or inaccurate, which is a disadvantage to most buyers and suppresses residual values.
Plug brings access to crucial information for confidently evaluating used EVs in a competitive bidding environment that is optimized for velocity and transparency.
As EVs become increasingly software-defined, diminishing the value of historic practices for identifying vehicle features, and battery health becomes more indicative than odometer, confident sales will require data taken directly from onboard computers.
By using technology that is uniquely possible in a marketplace that is exclusively built for EVs to replace costly and inefficient processes, Plug facilitates industry-shattering inventory turn-time, protecting both sides from volatility.
Plug is backed by world-class venture capital firms with deep expertise in automotive marketplaces, covered by the automotive industry’s most trusted insurance company, and founded by Tesla’s former head of North America Remarketing.
Acquire Used EV Inventory
Dealerships that received used EVs as trade-ins but do not specialize in selling them to retail customers list them on Plug for fast liquidation.
Plug is engaged with several OEMs to address the forthcoming remarketing wave stemming from skyrocketing leasing rates.
Fleet operators and rental car companies have grown their EV footprints and subsequently began cycling out cohorts of vehicles.
Used EVs Fast
Plug enables dealers to liquidate EV trade-ins quickly through a wholesale channel optimized for fast and fair transaction.
Its network of dealers proactively acquire used EVs and turn them up to 40% faster than dealers that don’t specialize in EVs.
In legacy systems, EVs are sold without data that indicates functionality and longevity, putting further pressure on residual values.
Plug’s technology presents accurate EV-specific data to a curated network of buyers, and optimizes for transaction velocity.